January 2, 2020 / 4:56 PM / 23 days ago

Cellnex agrees to buy Portugal's OMTEL for €800 mln

MADRID, Jan 2 (Reuters) - Spain’s Cellnex Telecom SA said on Thursday that it has agreed to buy Portuguese telecommunication tower operator OMTEL for around 800 million euros ($894.24 million).

The deal will be financed through existing cash reserves and should lift up its adjusted earnings before interest, taxes, depreciation and amortization by around 90 million euros, the Spanish telecom tower operator said.

Cellnex will initially pay 300 million euros for the company, with the remainder to be paid in 2027.

$1 = 0.8946 euros Reporting by Nathan Allen, editing by Inti Landauro

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